Compliance report deadline looms
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has called on the industry to remember to submit anti-money laundering and counter-terrorism financing (AML/CTF) reports by the March 31 deadline.
All reporting entities are required to submit a compliance report, which AUSTRAC, Australia’s AML/CTF regulator, will use to evaluate their progress in implementing the AML/CTF obligations that have been in place since December 12, last year.
“Submitted compliance reports will demonstrate to AUSTRAC that an entity is identifying and mitigating the risks that their business may be used for money laundering or terrorism financing,” said AUSTRAC chief executive Neil Jensen.
“AUSTRAC will also be looking to ensure these reporting entities have allocated adequate resources and have unlimited controls, reporting lines, communication protocols and processes for review.”
All reporting entities, which include banks and other financial institutions, are required to implement an AML/CTF program and submit a compliance report in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and businesses may face civil penalties for non-compliance.
AUSTRAC encourages businesses to submit their reports via its website, www.austrac.gov.au.
The agency has developed a range of guidance materials to help businesses meet their obligations under the AML/CTF Act. These can also be accessed on the website.
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
